Market Outlook:
- Indian markets are likely to open on a positive note and trade with a positive bias today.
- From Intraday perspective, Nifty likely to witness buying interest above 8150 for potential upside till 8185 / 8285 while selling pressure to emerge below 8055 for downside till 7970.
News Flow:
- ITC will invest Rs 4,000 crore over the next 2-3 years to set up 8-9 factories across the country for manufacturing of food products.
- Panacea Biotec Ltd said it has launched antidiabetic drug 'Tenepan', used for treating Type 2 Diabetes Mellitus (T2DM).
- RPG Life Sciences has entered into the cosmetic segment by collaborating with an Italian cosmetic firm Labo Cosprophar and will launch two products for hair and skin care.
- Great Eastern Shipping Company said that it has signed an MOA to purchase a second hand capesize dry bulk carrier (2011 built) of about 179,250 dwt.
- Bank of Maharashtra has raised Rs 500 crore through issue of basel III compliant unsecured redeemable non-convertible tier II bonds.
- Gujarat Gas Limited said that it has received permission from the Petroleum and Natural Gas Regulatory Board (PNGRB) to develop city gas distribution network (CGD) in Ahmedabad district.
Stock Idea:
Recommendation: Buy Idea Cellular Ltd.
Suggested Range: Buy around INR 104
Target: INR 114 - 115
Holding Period: upto 10 days
Stop loss: INR 99
Technical Rationale: Idea Cellular Ltd. has been in a downtrend. It has found support around the previous swing low (97) and has witnessed a sharp rise. On the Relative Strength Index (RSI) we can observe positive divergence indicating exhaustion of selling pressure and is a bullish sign for the stock. We expect the positive momentum in the stock to continue and expect it to reach levels of 114 – 115 where resistance in the form of gap area formed on 3rdJune, 2016 and the daily upper Bollinger band is placed.
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